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A tax return preparer may disclose or use tax return information without the taxpayer’s consent to

(A)Facilitate a supplier’s or lender’s credit evaluation of the taxpayer.

(B)Accommodate the request of a financial institution that needs to determine the amount of taxpayer’s debt to it, to be forgiven.

(C)Be evaluated by a quality or peer review.

(D)Solicit additional nontax business.

A corporation’s penalty for underpaying federal estimated taxes is

(A)Not deductible. (B)Fully deductible in the year paid. (C)Fully deductible if reasonable cause can be established for the underpayment. (D)Partially deductible.

Correct Answer: A

Which one of the following is least likely an advantage associated with a wholly owned foreign subsidiary?

(A)Protection of proprietary information. (B)Ability to coordinate activities of the subsidiary with other activities. (C)Ability to maintain quality control. (D)Minimizes capital investment required.

Correct Answer: D

GAAP refers to: Mark one answer:

(A)General accounting assistance program (B)Generally accepted accounting principles (C)Generally acceptable account procedures (D)The theory that accounting and the general public look at financial statements differently

Correct Answer: B